Insight on M&A for Insurance Brokerage

Anyone have insight on M&A department in Insurance brokerage. They have a high volume of transactions within the last year for being a small, independent insurance brokerage.  Additionally they are a portfolio company for a PE firm.  Both factors have me concerned- like what happens to an M&A team when deals slow down or PE firm exits the company?  Why so many transactions for a small team, what actual analysis is going on? Is this Mickey-mouse M&A, or the real deal? 

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